Greyerz – We Are Moving Closer To Total Financial Collapse

Today Egon von Greyerz told King World News that the global financial system is much closer to the point of collapse. Egon von Greyerz is founder and managing partner at Matterhorn Asset Management out of Switzerland. Von Greyerz also said, “world money supply is coming down at a very fast rate.” Here is what Greyerz had to say about the unfolding crisis which is taking place around the world: “We are very near an inflationary implosion if the money printing doesn’t come soon. Spain said they could finance their own banks, and now they say they need 50 billion euros from the ECB. 50 billion euros is a drop in the ocean, Eric. We’re probably talking about hundreds of billions or maybe one trillion euros they need.”

Egon von Greyerz continues:

“Portugal has also said they need money from the ECB. Portugal’s banking system is on the verge of collapsing. The UK is also looking terrible. GDP is negative. All of the economic figures for the UK, including production, are collapsing.

The UK already has the highest borrowing of any country in the world. The UK’s total borrowing to GDP is roughly 900%….